BR100 Increased By (0.44%)
BR30 Increased By (1.39%)
KSE100 Increased By (0.62%)
KSE30 Increased By (0.61%)
BECO 5.49 No Change ▼ 0.00 (0%)
BML 56.00 Decreased By ▼ -0.76 (-1.34%)
BOP 35.41 Increased By ▲ 0.29 (0.83%)
CNERGY 8.20 Increased By ▲ 0.05 (0.61%)
DCL 11.55 Increased By ▲ 0.04 (0.35%)
FCCL 58.15 Increased By ▲ 1.40 (2.47%)
FCSC 5.15 No Change ▼ 0.00 (0%)
FFL 17.90 Increased By ▲ 0.02 (0.11%)
FNEL 1.25 No Change ▼ 0.00 (0%)
HUMNL 11.10 Decreased By ▼ -0.02 (-0.18%)
KEL 8.56 Increased By ▲ 0.14 (1.66%)
KOSM 6.75 Increased By ▲ 0.17 (2.58%)
MLCF 105.65 Increased By ▲ 2.35 (2.27%)
NBP 202.10 Increased By ▲ 1.92 (0.96%)
PACE 11.28 Decreased By ▼ -0.01 (-0.09%)
PAEL 44.42 Increased By ▲ 0.95 (2.19%)
PIAHCLA 28.66 Increased By ▲ 1.17 (4.26%)
PIBTL 18.75 Increased By ▲ 1.05 (5.93%)
PPL 248.10 Increased By ▲ 3.78 (1.55%)
PRL 35.35 Decreased By ▼ -0.08 (-0.23%)
PTC 66.15 Increased By ▲ 0.80 (1.22%)
SEARL 94.95 Increased By ▲ 1.63 (1.75%)
SSGC 32.04 Decreased By ▼ -0.90 (-2.73%)
TELE 8.93 Increased By ▲ 0.02 (0.22%)
THCCL 66.65 Decreased By ▼ -0.07 (-0.1%)
TPLP 10.76 Decreased By ▼ -0.07 (-0.65%)
TREET 25.22 Increased By ▲ 0.10 (0.4%)
TRG 64.21 Decreased By ▼ -0.69 (-1.06%)
WAVES 10.85 Decreased By ▼ -0.08 (-0.73%)
WTL 1.27 Increased By ▲ 0.02 (1.6%)
World

Spanish jobless rate soars towards 4 million as pandemic weighs

  • Tuesday's labour ministry reading of 3.89 million marked a 22% rise year on year, and excluded some 755,000 workers on a state-supported furlough scheme.
  • Joaquin Perez Rey, the secretary of state for employment, described the data as bad but also "full of anomalies".
Published January 5, 2021 Updated January 5, 2021 07:16pm
By

MADRID: Numbers of Spaniards registered as jobless jumped towards four million in December, closing the year at a more than four-year high as a brutal economic contraction induced by the coronavirus crippled tourism and other labour-intensive industries.

Tuesday's labour ministry reading of 3.89 million marked a 22% rise year on year, and excluded some 755,000 workers on a state-supported furlough scheme.

Chronically high unemployment plagued Spain's economy in the years either side of the 2008/9 global financial crisis, but the December jobless figure had fallen every year since 2013.

Joaquin Perez Rey, the secretary of state for employment, described the data as bad but also "full of anomalies".

He said it should return during 2021 to "numbers similar to what we had before the pandemic", provided the global spread of the coronavirus did not worsen.

Perez Rey estimated the unemployment rate, which ended 2019 at 13.8%, stood below 16% at the end of last year. During the financial crisis it peaked close to 27%.

Spain's economy slumped a record 17.9% between April and June last year and central bank expects a double-digit contraction in 2020 as a whole.

Comments

Comments are closed for this article.